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INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURE (Tables) | 9 Months Ended
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Sep. 30, 2025
INVESTMENTS IN UNCONSOLIDATED REAL ESTATE VENTURES |
Schedule of investments in real estate ventures | The Company’s investments in unconsolidated real estate ventures are summarized as follows (dollars in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | CubeSmart | ​ | Number of Stores as of | ​ | Carrying Value of Investment as of
​ | ​ | Ownership | ​ | September 30, | ​ | December 31, | ​ | September 30, | ​ | December 31,
Unconsolidated Real Estate Ventures |  | Interest | ​ | 2025 | ​ | 2024 |  | 2025 | ​ | 2024
Fontana Self Storage, LLC ("Fontana") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | $ | 12,935 | ​ | $ | 13,200
Rancho Cucamonga Self Storage, LLC ("RCSS") (1) | ​ | 50% | ​ | 1 | ​ | 1 | ​ | ​ | 19,717 | ​ | ​ | 20,107
191 V CUBE LLC ("HVP V") | ​ | 20% | ​ | 6 | ​ | 6 | ​ | ​ | 10,903 | ​ | ​ | 11,353
191 IV CUBE LLC ("HVP IV") (2) | ​ | 20% | ​ | - | ​ | 28 | ​ | ​ | — | ​ | ​ | 14,591
CUBE HHF Northeast Venture LLC ("HHFNE") | ​ | 10% | ​ | 13 | ​ | 13 | ​ | ​ | 1,257 | ​ | ​ | 1,469
CUBE HHF Limited Partnership ("HHF") | ​ | 50% | ​ | 28 | ​ | 28 | ​ | ​ | 29,508 | ​ | ​ | 31,253
​ | ​ | ​ | ​ | 49 | ​ | 77 | ​ | $ | 74,320 | ​ | $ | 91,973
​
| (1) | On December 9, 2021, the Company completed the acquisition of LAACO, which included a 50% interest in Fontana and RCSS, each of which owns one self-storage property in California. As of the date of acquisition, the Company recognized differences between the Company’s equity investment in Fontana and RCSS and the underlying equity reflected at the venture level. These differences are being amortized over the expected useful life of the self-storage properties owned by the ventures. As of September 30, 2025, the remaining unamortized difference was $12.2 million for Fontana and $18.2 million for RCSS.
​
| (2) | On February 20, 2025, the Company purchased the remaining 80% interest in HVP IV for $452.8 million and consolidated the venture’s assets and liabilities. The $452.8 million purchase price included $44.4 million to repay the Company’s portion of the venture’s existing indebtedness, which was repaid in full at the time of the transaction (see note 4).
Summary of the financial position of the ventures | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​ | December 31,
​ | ​ | 2025 |  | 2024
Assets | ​ | (in thousands)
Storage properties, net | ​ | $ | 371,455 | ​ | $ | 684,067
Other assets | ​ |  | 16,328 | ​ |  | 17,126
Total assets | ​ | $ | 387,783 | ​ | $ | 701,193
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities and equity | ​ | ​ | ​ | ​ | ​ | ​
Debt | ​ | $ | 249,196 | ​ | $ | 472,633
Other liabilities | ​ | ​ | 8,391 | ​ | ​ | 17,462
Equity | ​ | ​ | ​ | ​ | ​ | ​
CubeSmart | ​ |  | 43,987 | ​ | ​ | 60,993
Joint venture partners | ​ |  | 86,209 | ​ | ​ | 150,105
Total liabilities and equity | ​ | $ | 387,783 | ​ | $ | 701,193
Summary of results of operations of the ventures | The following is a summary of results of operations of the Ventures for the three and nine months ended September 30, 2025 and 2024. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 (1) | ​ | 2024
​ | ​ | (in thousands)
Total revenues | ​ | $ | 14,639 | ​ | $ | 25,395 | ​ | $ | 49,057 | ​ | $ | 74,821
Operating expenses | ​ |  | (6,232) | ​ | ​ | (10,362) | ​ |  | (21,405) | ​ |  | (31,277)
Other income (expenses) | ​ | ​ | 10 | ​ | ​ | (99) | ​ | ​ | (228) | ​ | ​ | (316)
Interest expense, net | ​ |  | (3,083) | ​ | ​ | (7,399) | ​ |  | (11,024) | ​ |  | (18,633)
Depreciation and amortization | ​ |  | (4,101) | ​ |  | (7,283) | ​ |  | (14,453) | ​ |  | (22,223)
Net income | ​ | $ | 1,233 | ​ | $ | 252 | ​ | $ | 1,947 | ​ | $ | 2,372
Company’s share of net income | ​ | $ | 648 | ​ | $ | 418 | ​ | $ | 1,574 | ​ | $ | 1,688
​ ​ ​ ​
| (1) | HVP IV’s results of operations are included through February 20, 2025 (date of consolidation).

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